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Annu Al Repor T and Sus Tainabilit Y SUSTAINABILITY REPORT ANNUAL REPORT AND 2014 “Overall, KONGSBERG had a good year in 2014, with good earnings and cash flows, growth in revenues, and record-high orders” 1 Introduction 8 Directors’ Report and Financial Statements 86 Corporate Governance 100 Shareholder’s information 104 Sustainability Report 149 Financial calendar and contact information CONTENT – ANNUAL REPORT AND SUSTAINABILITY REPORT 2014 Cover Key figures 2014 8 Directors’ Report and 86 Corporate Governance 104 Sustainability Report Financial Statements 87 The Board’s Report on 104 Content 1 Introduction 9 Short summary Business Corporate Governance 106 Introduction 2 Extreme Areas 88 Policy – Kongsberg Gruppen 118 Sustainable innovation performance for 10 Directors’ Report 2014 89 Articles of Association 123 What have we achieved? extreme conditions 25 Financial statements, – Kongsberg Gruppen 131 Systems of governance 4 President and CEO contents 90 The Board’s Report on The and key figures Walter Qvam 26 Consolidated financial Norwegian Code of Practice 6 This is KONGSBERG statements 149 Financial calendar and 73 Financial statements 100 Shareholder’s information contact information – Kongsberg Gruppen ASA 101 Shares and shareholders 83 Statement from the Board of Directors 84 Auditor’s Report KONGSBERG • Annual Report and Sustainability Report 2014 1 Introduction 8 Directors’ Report and Financial Statements 86 Corporate Governance 100 Shareholder’s information 104 Sustainability Report 149 Financial calendar and contact information KEY FIGURES 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Sales Revenues 16 613 16 323 15 652 15 128 15 497 13 816 11 056 8 306 6 720 5 791 New orders 22 097 15 043 14 605 15 016 13 584 17 605 14 635 14 338 7 672 5 683 Order backlog 21 020 15 687 16 523 17 839 17 759 19 892 16 692 12 646 6 472 5 416 Book-to-Bill Ratio 1.3 0.9 0.9 1.0 0.9 1.4 1.5 1.5 1 0.9 Performance Earnings before interest, taxes, depreciation and amortisation (EBITDA) 2 060 2 142 2 294 2 385 2 485 1 619 1 319 1 560 627 536 Earnings before interest, taxes and amortisation (EBITA) 1 718 1 797 1 971 2 123 2 216 1 376 1 122 796 464 378 Earnings before interest and taxes (EBIT) 1 258 1 659 1 840 2 026 2 113 1 263 1 038 1 346 448 371 Earnings before taxes (EBT) 1 285 1 644 1 809 1 991 2 097 1 169 861 685 390 314 Profit for the year 880 1 225 1 304 1 418 1 500 828 587 490 252 262 Profitability EBITDA % 12.4 13.1 14.7 15.8 16.0 11.7 11.9 18.8 9.3 9.3 EBITA % 10.3 11.0 12.6 14.0 14.3 10.0 10.1 9.6 6.9 6.5 EBIT % 7.6 10.2 11.8 13.4 13.6 9.1 9.4 16.2 6.7 6.4 Balance sheet Equity 6 282 6 657 6 274 5 484 4 881 3 726 1 894 2 758 1 684 1 505 Equity ratio % 31 38 39 35 35 30 15 30 23 23 Net interest-bearing debt (3 551) (1 935) (1 198) (2 191) (1 813) (634) 1 439 (242) 294 282 Working capital 3 274 3 319 3 528 2 250 1 957 1 183 (217) 1 425 1 249 1 325 Employees Number of employees, total 7 726 7 493 7 259 6 681 5 681 5 423 5 243 4 205 3 560 Number of recordable injuries per million hours (TRI) 4.7 3.7 1.5 1.7 6.3 5.5 3.5 Injury severity rate (number of days lost per one million man hours worked) (ISR) 45.3 15.6 13.6 1.1 22.3 58.2 5.6 The environment Energy consumption (GWh) 123.7 127.0 114.7 108.9 103.2 100.0 74.4 CO2 emissions (metric tonnes) 26 006 25 294 19 579 22 747 20 005 12 980 7 801 Waste (metric tonnes) 1 788 1 935 1 784 1 622 1 772 1 473 1 256 Water (m3) 176 743 115 968 Owners’ value Market capitalisation 14 760 15 300 14 940 13 920 15 960 10 590 9 840 10 170 5 250 3 720 Earnings per share after tax (EPS) in NOK 7.28 10.24 10.91 11.83 12.46 6.83 4.86 4.04 2.08 1.80 P/E in NOK 16.77 12.49 11.46 9.82 10.64 12.92 16.87 20.96 21.08 17.24 Dividend per share in NOK 9.25 5.25 3.75 3.75 3.75 2.00 1.38 1.25 0.63 0.54 KONGSBERG • Annual Report and Sustainability Report 2014 1 Introduction 8 Directors’ Report and Financial Statements 86 Corporate Governance 100 Shareholder’s information 104 Sustainability Report 149 Financial calendar and contact information Kongsberg Other MNOK 3,949 Protech Systems 0.3% MNOK 3,542 9.4 % Kongsberg MNOK 4,020 Revenues Øvrig Defence Systems KPS MNOK 4,123 MNOK 16,613 25.8% Øvrig KDS MNOK 409 MNOK 110 KPS Kongsberg KOGT MNOK 170 KDS Oil & Gas Technologies KM KOGT 6.1% KM EBITDA EBIT Profit for the year MNOK 2,060 MNOK 1,258 MNOK 880 Distribution of EBIT Kongsberg Maritime Kongsberg MNOK 1,221 Kongsberg Defence Øvrig Protech Systems KOGT System MNOK 414 KPS MNOK 170 KDS KM Other Kongsberg MNOK -62 Oil & Gas Technologies MNOK -485 Number of employees Rest of Europe Asia North America Central and Australia Norway 622 1,396 773 South America 17 4,770 and Antarctica 134 Earnings per share after tax Dividend per share Market capitalisation NOK 7.28 NOK 9.25 MNOK 14,760 KONGSBERG • Annual Report and Sustainability Report 2014 1 Introduction 8 Directors’ Report and Financial Statements 86 Corporate Governance 100 Shareholder’s information 104 Sustainability Report 149 Financial calendar and contact information KONGSBERG GRUPPEN Kongsberg Gruppen (KONGSBERG) is an international technology corporation that delivers advanced and reliable solutions that improve safety, security and performance in complex operations and during extreme conditions. KONGSBERG works with demanding customers in the global defence, maritime, oil and gas and aerospace industries. Revenues EBITDA 16.0% 15.8% 14.7% 11.9% 13.1% 12.4% 11.6% 11.7% 9.3% 9.3% MNOK MNOK MNOK MNOK MNOK MNOK MNOK MNOK MNOK MNOK 5,791 6,720 8,306 11,056 13,816 15,497 15,128 15,652 16,323 16,613 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 KONGSBERG GRUPPEN Kongsberg Maritime Kongsberg Defence Systems Kongsberg Protech Systems Kongsberg Oil & Gas Technologies • Offshore • Missile Systems • Merchant Marine • Naval Systems • Subsea • Integrated Defence Systems • Emerging Business • Aerostructures • Defence Communications • Space & Surveillance 1 Introduction 8 Directors’ Report and Financial Statements 86 Corporate Governance 100 Shareholder’s information 104 Sustainability Report 149 Financial calendar and contact information EXTREME PERFORMANCE FOR EXTREME CONDITIONS KONGSBERG develops and delivers advanced systems and technologies for extreme conditions. Our solutions ensure efficiency, safety and high performance in operations ranging from deep sea to outer space. KONGSBERG’s objective is to secure and increase the stakeholders’ values through a profitable and growth oriented industrial development in a long-term and international perspective. Vision WORLD CLASS – through people, technology and dedication We have a strong, value based culture that drives our business performance. Our corporate vision reminds us where we are heading, our horizon and the point we always aim for in our work. Ambitions KONGSBERG shall be a leading technology industrial • Group ambition is an annual average growth of group with World Class positions, driving a proactive 10 per cent over a five year period, of which about half growth agenda. We aspire to achieve a sustainable is organic development with a good balance between financial • We shall be a “double digit” EBITA-margin business performance, value creation and social and environmental • Through accelerated efforts to increase shareholder responsibility. return and improve competitiveness, we have the KONGSBERG shall develop value adding solutions ambition to achieve annual cost improvements by 2016 for our customers in key technology intensive industries. of NOK 1 billion We shall develop superior expertise to deliver leading • KONGSBERG will target a return on capital employed systems, products and services in our international matching historic levels – new projects and initiatives market segments. It is of importance that the strategic will be evaluated against a 10–15 per cent requirement and business related decisions made by the group are dependent upon project risk based on a sustainable perspective. 2 KONGSBERG • Annual Report and Sustainability Report 2014 1 Introduction 8 Directors’ Report and Financial Statements 86 Corporate Governance 100 Shareholder’s information 104 Sustainability Report 149 Financial calendar and contact information Our values Determined Innovative (intent, resolute, good-oriented) (unconventional, pioneering) We are known for our drive and persistence. Always performing better is a vital part of We always strive to meet our customers’ expectations. who we are. We constantly innovate We set ambitious goals for ourselves and and implement improvements in all parts of our business we are driven towards them with a clear and – from our products, through our processes, constant focus. to our customers’ experiences. What we start, we finish. We relentlessly pursue improvements, We do not give in. new ideas and new solutions. DETERMINED INNOVATIVE COLLABORATIVE RELIABLE Collaborative Reliable (cooperative, network-oriented) (dependable, trustworthy) Collaboration is fundamental to our business. Our customers and partners can trust We exchange ideas among ourselves, KONGSBERG to deliver, always.
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